A West Virginia unsecured promissory note formalizes a personal loan agreement without demanding the borrower to pledge personal assets, such as a vehicle or property, as collateral. This document specifies the loan’s repayment conditions, including the interest rate, payment frequency, and penalties for late payments.
It clarifies the financial arrangement and provides structure so that both parties understand their commitments and obligations. Typically, lenders only initiate this loan with individuals they trust, such as friends or family members. It carries a higher risk level, but lenders often demand higher interest rates to offset the increased risk.
